Markets in Toronto got punished this week, including Friday, with indexes in Canada’s largest city weighed by financial and utility plays.
The S&P/TSX Composite Index dropped 21.59 points to end the day and the week at 15,997.06. The loss on the week was 126 points, or nearly 0.8%.
The Canadian dollar settled 0.07 cents at 74.54 cents U.S.
Beijing ordered Washington to close its consulate in Chengdu, in retaliation for being told to shut its consulate in Houston earlier this week.
Utilities took their lumps, with Brookfield Renewable Partners bowed $2.16, or 3%, to $71.14, while Transalta shares lost 24 cents, or 2.8%, to $8.44.
Financials also had a rough time, with ECN Capital fading 21 cents, or 4.6%, to $4.35, while Element Fleet Management sank 22 cents, or 2.2%, to $9.73.
Among techs, Absolute Software dipped 43 cents, or 2.8%, to $14.82, while Celestica moved backward 25 cents, or 2.6%, to $9.31.
Resource stocks did what they could to restore some balance, with Eldorado Gold gaining 62 cents, or 4%, to $16.06, while Lundin Gold restored 52 cents, or 4.4%, to $12.23.
Agnico-Eagle Mines gathered $3.76, or 4.1%, to $96.42, while Canfor added 46 cents, or 3%, to $15.74.
ON BAYSTREET
The TSX Venture Exchange advanced 11.21 points, or 1.7%, to 691.41. The gain on the week was 16.46 points, or 2.44%.
All but two of the 12 TSX subgroups were lower by the closing bell, with utilities and financials each tumbling 1.1%, while information technology docked 1%.
The two gainers were gold, up 2.8%, and materials, better by 1.1%.
ON WALLSTREET
Stocks fell on Friday as Wall Street wrapped up a volatile week of trading, with tech shares struggling and U.S.-China tensions rising.
The Dow Jones Industrials fell 182.44 points to 26,469.89.
The S&P 500 shed 20.03 points to 3,215.63.
The NASDAQ lost 98.24 points to 10,363.18.
Dow-component Intel plunged more than 16% after the chipmaker offered disappointing guidance for the third quarter and delayed the release of its next-generation chips.
The 30-stock benchmark dropped 0.7% for the week, snapping a three-week winning streak. The S&P 500 dipped 0.2% this week, posting its first weekly decline in four. The NASDAQ, meanwhile, lost 1.3% this week for its first back-to-back weekly losses since May.
Shares of Facebook, Alphabet, Apple and Microsoft all traded lower. Tesla dropped more than 6%. Amazon and Netflix bucked the negative trend, rising at east 0.6% each.
Big Tech has been the market leader this year as investors grappled with the coronavirus pandemic and its impact on corporate profits.
Amazon is up 62% and Netflix has improved 48% year to date. Alphabet and Facebook are up over 12% each over that time.
This week, however, this group has struggled. Facebook dropped more than 4% this week and Apple shed 3.8%. Netflix slipped 2.5% during that time period. Microsoft and Alphabet are both down at least 0.5% this week.
China ordered the closure of a U.S. consulate in Chengdu, retaliating after Washington shut the Chinese consulate in Houston earlier this week. China markets plunged in response, with the Shanghai Composite dropping 3.9% overnight.
Prices for the 10-Year Treasury were unchanged, keeping yields at Thursday’s 0.58%.
Oil prices regained 17 cents to $41.24 U.S. a barrel.
Gold prices brightened 10 dollars to $1,900.00 U.S. an ounce.
